Risk Uncertainty

Risk is able to be measured Uncertainty is not able to be measured

Risk can be calculated
It is possible to make prior plans to avoid risk
Certain sorts of empirical observations can
help to understand the risk
After making efforts, the risk is able to be
converted into certainty
After making estimate of the risk factor, a
decision can be made
Uncertainty can never be counted
It is impossible to make prior plans for the
uncertainty
Uncertainty can never be based on empirical
observations
Uncertainty cant be converted into certainty
Calculation of uncertainty is not possible ,
hence no decision can be made

There is an old saying, No risk, No gain, so if any enterprise wants to

survive in the long run, it has to take calculated risks where the probability
of loss is comparatively less, and the chances of gains are higher.
Uncertainty is inherent in every business which cannot be avoided, and the
business person has no idea about what will happen next, i.e. the
outcome is unknown.